March 09, 2010

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Economy Main article: Economy of Turkey in Istanbul. Ankara. Smyrna. Turkey is a founding member of the OECD and the G20 (industrialized countries and emerging). During most of its republican history, Turkey has adhered to a quasi-state approach of the economy, with strict government control over private sector participation, foreign trade and foreign direct investment.However, during the 1980s, Turkey began a series of reforms aimed at moving the economy of a single state system to a more supported in the private sector based on market model. The reforms spurred rapid growth, but this growth was marked by a deep recession and financial crisis in 1994, 1999 (after the earthquake of that year), and 2001 which resulted in an average 4 growth of GDP per year between 1981 and 2003. Lack of additional reforms, along with large and growing public sector deficits and widespread corruption, resulted in high inflation, a weak banking sector and increased macroeconomic volatility. 53 Since the 2001 economic crisis and the reforms initiated by the finance minister of the time, inflation has fallen to single digits, the confidence of investors and foreign investments have increased and unemployment has fallen.The IMF forecasts a 6 inflation rate in Turkey in 2008. Turkey has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment, privatization of industries public ownership and deregulation of many sectors of private goods. According to Forbes magazine, Istanbul, Turkey's financial capital, a total of 35 billionaires in March 2008 (compared with 25 in 2007), ranking the 4th position in the world. High-Speed Train TCDD. The growth rate of GDP between 2002 and 2007 averaged 7.4 , which made Turkey one of the fastest growing economies in the world during that period.The World Bank forecasts 5.4 as GDP growth rate in Turkey in 2008. Turkey's economy is no longer dominated by traditional agricultural activities in rural areas, but by the dynamics of the industrial sites large cities, mostly concentrated in the western provinces, along with a developed services sector. In 2007, agriculture accounted for 8.9 of GDP, while the industrial sector accounted for 30.8 and service sector 59.3 . The tourism sector has experienced rapid growth in the last twenty years and is an important part of the economy.In 2007, there were 27,214,988 visitors to the country, which provided 18 500 million of revenue for Turkey. Other key sectors of the Turkish economy are banking, construction, automotive, appliance, electronics, textiles, petroleum refining, petrochemicals, food, mining, iron and steel and machinery industry. In recent years, chronic inflation has been controlled and this has led to the launch of a new monetary policy to underpin economic reforms and erase the vestiges of an unstable economy.On 1 January 2005, the Turkish lira was replaced by the new Turkish lira. As a result of continuing economic reforms, inflation has fallen to 8.2 in 2005 and the unemployment rate up 10.3 . Turkey has taken advantage of a customs union with the European Union, signed in...